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Aug 6th, 2022

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How to Highlight Text Benefit Plan

4.6 out of 5

70 votes

[Music] today were going to talk about the number one reason why people set these plans up i mean lets be realistic its for the tax deduction theres not a lot of things that you can do out there that are going to give you such a large bang for the buck you know in a given year uh that you could deduct and save you know 40 on the deduction i started getting involved with these plans with a lot of physician clients of mine 10 15 years ago they would come to me all the time theyd say hey paul im going to make a half a million dollars this year what can i do well you know theres a variety of things that you can do and different structures that you can do certainly a solo 401k plan is great starting point but the reality is is a lot of those things i feel are just sort of stop gaps theyre theyre very small amounts you could deduct an extra few thousand dollars here and there theres just not a lot of things that you can get a big bang for your tax buck on like a defined benefit pl

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